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Rates are daily averages based on Better Mortgage data, not APRs, and vary by borrower.
Mortgage rates are averaging around 6.48% for a 30-year fixed loan today, May 29, 2026. This average is elevated compared to early February when rates briefly touched sub-6% territory, but meaningfully lower than they were a year ago.
The primary driver of this year's rate volatility is geopolitical: conflict in the Middle East has pushed oil prices higher, stoking inflation fears and sending 10-year Treasury yields to their highest levels in months. The Federal Reserve has held rates steady, and markets have largely priced out the rate cuts many expected earlier this year.
For buyers and refinancers, the practical implication is that mid-6% rates are likely the baseline for the near term. The only way to know your actual rate is to apply. National averages don't reflect your credit score, down payment, or loan size. You can check today's mortgage rates at Better and see what you actually qualify for.
Today's mortgage rates — May 29, 2026
Based on current market averages, here is where rates stand across major loan types this morning:
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.48% |
| 15-year fixed | 5.81% |
| 5/1 ARM | 6.24% |
| 30-year fixed refinance | 6.60% |
| 15-year fixed refinance | 5.73% |
These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.
...in as little as 3 minutes — no credit impact
What's moving rates today
Mortgage rates don't move in a vacuum. To understand where they are right now, it helps to follow the chain: geopolitical events → oil prices → inflation expectations → Treasury yields → mortgage rates.
The conflict in the Middle East that began in late February has been the dominant force on the rate environment since it started. Higher oil prices mean higher costs for manufacturing, shipping, and everyday goods, which feeds directly into inflation. When inflation expectations rise, investors demand higher yields to hold bonds, because the purchasing power of those fixed returns erodes faster. That drives up the yield on the 10-year U.S. Treasury note. And mortgage rates track that yield closely.
The 10-year Treasury yield has been trading around 4.50%, near its highest levels in months. That is the primary reason mortgage rates remain in the mid-6% range rather than near the sub-6% levels briefly seen in early 2026.
The PCE data release today
Today, May 29, the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation measure, is being released. This report has the potential to move bond markets quickly. A reading that comes in hotter than expected could push yields — and mortgage rates — higher. A softer number could provide relief. Borrowers who are close to locking should pay attention to how markets respond this morning.
To understand more about why mortgage rates are going up and how these forces interact, our full explainer breaks it down step by step.
How today's rates compare
Context matters. Here's where today's mid-6% rates fit in the bigger picture:
Versus one year ago: According to recent industry data, rates on a 30-year fixed loan were averaging around 6.63% in late May 2025. Today's rates are roughly 15 basis points lower, a basis point is one-hundredth of a percentage point. That is a modest but real improvement year over year.
Versus early February 2026: Before the current conflict began, average 30-year rates had briefly dipped below 6% for the first time in over three years. Rates have since climbed approximately 50 basis points from those levels. Borrowers who were on the fence in February are now facing a meaningfully different affordability picture.
Versus the peak of 2023–2024: Rates touched 8% in late 2023. By that measure, mid-6% is a significant improvement, and many homeowners who purchased at those higher levels have already refinanced or are evaluating whether to do so.
What determines mortgage rates goes deeper into the structural forces beyond day-to-day news.
What this means if you're buying a home
At a 6.48% rate on a $350,000 loan with 20% down, creating a $280,000 mortgage balance, the estimated principal and interest payment would be approximately $1,770 per month.
This example is for illustrative purposes only. Actual payments will vary based on loan amount, down payment, rate, term, and other factors.
Use the mortgage calculator to run your own numbers with the actual loan amount and down payment you're working with.
The spring buying season is fully underway, which typically means more competition for available homes. Whether you should buy now or wait for rates to drop is a question with no universal answer, but a few things are worth knowing:
Rates could move lower if the geopolitical situation resolves. They could also stay flat or drift higher if inflation data stays elevated. Trying to time rates is difficult; most buyers who find a home they can afford at today's rates are better served by locking in and moving forward rather than waiting for a level that may or may not materialize.
Getting pre-approved before you make an offer gives you a clear picture of what you qualify for — and puts you in a stronger position with sellers.
What this means if you're refinancing
Today's current refinance rates are running slightly higher than purchase rates, as is typical. The 30-year refinance average sits around 6.60%.
Refinancing at today's rates makes clear financial sense for borrowers who took out loans at 7% or higher — a group that includes many buyers from 2023 and early 2024. For those borrowers, how to shop around for mortgage rates is worth reading before committing to a lender.
For anyone locked into a rate in the low-to-mid 6% range, the break-even math is less compelling right now. Refinancing comes with closing costs, and lowering your rate by a fraction of a percent may not offset those costs within a reasonable time horizon. Use the refinance calculator to model your specific break-even timeline before deciding.
How to get the best rate available today
National averages are a starting point, not your rate. Several factors can move your individual offer meaningfully below the average, or above it.
Credit score is the most powerful lever. Borrowers with scores above 740 typically see the best pricing. Those in the 620–680 range should expect higher rates and may want to spend a few months improving their profile before applying.
Debt-to-income ratio (DTI) matters too. Lenders want to see that your total monthly debt obligations (including the new mortgage) stay within their limits. Lower DTI signals less risk and often means better pricing.
Down payment and loan-to-value (LTV): A larger down payment reduces the lender's exposure. Putting down 20% eliminates the need for private mortgage insurance (PMI) and typically unlocks better rates.
Loan type: A 15-year fixed loan carries a lower rate than a 30-year. An ARM comes with a lower initial rate for a fixed period before it adjusts. Understand the trade-offs before choosing — are mortgage rates negotiable and how to use competition to your advantage is something most borrowers don't explore enough.
On the question of locking in: given current volatility, most buyers who are within 30 to 60 days of closing have good reason to lock. Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing. If you want to understand exactly what locking means for your loan, read should I lock my mortgage rate today for a clear breakdown.
FAQ
Why are mortgage rates so high right now in 2026?
Rates climbed from sub-6% in early February to the mid-6% range primarily because of the conflict in the Middle East, which drove oil prices higher and reignited inflation concerns. Higher inflation expectations push up yields on U.S. Treasury bonds, and since mortgage rates track the 10-year Treasury yield, they rose in tandem. The Federal Reserve has kept its benchmark rate unchanged and has signaled no near-term cuts, removing another potential source of relief.
Will mortgage rates go down if the war ends?
Potentially, yes, but not immediately and not to pre-conflict levels overnight. Analysts suggest the 10-year yield could move down in stages as geopolitical risk eases, with early targets around 4.35–4.46%. A meaningful ceasefire or peace agreement would likely push rates lower, but the pace depends on whether inflation data also improves. Expecting a snap back to sub-6% rates quickly may be unrealistic.
Is 6.5% a good mortgage rate right now?
In the context of the current market, 6.5% is near the national average. It is higher than rates seen in early 2026, but lower than the 7–8% range seen in 2023–2024. Whether it's "good" depends on your financial profile. Borrowers with strong credit can access rates below the average.
How much is a mortgage payment at today's rates on a $400,000 home?
With 20% down on a $400,000 home (a $320,000 loan) at 6.48% on a 30-year fixed, the estimated principal and interest payment is approximately $2,023 per month. That does not include property taxes, homeowners insurance, or HOA fees.
This example is for illustrative purposes only. Actual payments will vary based on loan amount, rate, term, and lender.
Should I lock my rate now or wait?
If you're within 30 to 60 days of closing, most lenders and financial advisors suggest locking to protect against further increases. Floating — leaving your rate unlocked — is a bet that rates will fall meaningfully before you close. Given current volatility and the PCE data release today, that is a riskier posture than usual.
My rate is 7.2%. Does it make sense to refinance today?
At today's averages, moving from 7.2% to around 6.48–6.60% could save a meaningful amount in monthly interest. On a $300,000 loan, that difference is roughly $130–$150 per month. Whether it makes sense depends on your closing costs and how long you plan to stay in the home. Run the numbers with the refinance calculator to find your break-even point.
This example is for illustrative purposes only.
How does the 10-year Treasury yield affect my mortgage rate?
Lenders price 30-year fixed mortgages off the 10-year Treasury yield because both involve long-term lending. When investors demand higher yields on Treasuries, as they do when inflation is rising, mortgage rates follow. Today's 10-year yield near 4.50% is one of the main reasons the 30-year mortgage average is sitting where it is.
What credit score do I need to get the best mortgage rate?
Most lenders offer the most competitive pricing to borrowers with credit scores of 740 or higher. Scores between 680 and 739 will see somewhat higher rates, and scores below 680 may face a more meaningful premium or limited loan options. Checking your score before applying is a smart first step.
The bottom line
The 30-year fixed mortgage rate is averaging approximately 6.48% today, May 29, 2026. That rate reflects an environment shaped by geopolitical uncertainty, inflation concern, and a Federal Reserve in a hold pattern. It is not where buyers hoped rates would be at the start of this year, but it is well off the peaks of 2023.
For buyers and refinancers, the right move is the same regardless of the macro environment: know your number. Your actual rate depends on your credit profile, loan size, and down payment — and the only way to find out what you qualify for is to apply.
...in as little as 3 minutes — no credit impact
Rates shown are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.